Commentary These are words I have heard my entire adult life. Every time rates drop, a lending professional always encourages me to take out the biggest loans I can, as rates will assuredly never be this low again. For the past 40 years, rates continued to fall, despite the opinion of many experts that rates can only go up. It’s a believable story, after declining for 40 years, what goes down must at some point go up. This is particularly true when it comes to the Federal government, which runs persistently large deficits that it manages to finance at even lower rates. At some point, lenders will likely demand higher coupon rates—but it never happens. Interest rates are a function of many things, but primarily the supply and demand for money. For rates to rise, there must be a demand for money that exceeds the available supply of money. This …